Beacon Capital Partners, a US equity firm has appointed Jones Lang LaSalle to sell 200 Grays Inn Road – The headquarters of ITN.
Beacon declined to comment on the restructuring. At Gray’s Inn Road, Beacon has put ITN’s headquarters, where Channel 4 News and ITV News at 10 are filmed, up for sale for £140m – a 6.2% yield. The 282,000 sq ft, Foster & Partners-designed building produces rent of £8.9m a year, or £30/sq ft, and has 12 years remaining on the lease.
Andrew Hawkins, a director in JLL’s City investment team, said: “This is an iconic building with generous floorplates, which is being sold for less than replacement cost. Midtown outperformed the City last year and the building is being offered off very low rents.”
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